InsurTech focus – Axinan
Axinan is a full stack InsurTech firm focused on enabling the delivery of smart, digital insurance for the digital economy.
Its focus is embedded within its name – taken from the Chinese characters 信 (trust) and 安 (safety and security).
Founded in 2016 and headquartered in Singapore, Axinan is a graduate of Singapore’s PayPal incubator. Backing is from Linear, the China-based venture capital firm and Singapore’s Openspace Ventures.
Axinan uses big data, real-time risk management and digitised claims management are used to deliver on-demand, customisable insurance products to millennials for the things they cherish most.
One of the most important – and expensive products most millennials own is a smartphone. In February, Axinan launched igloo, its first product in Singapore. This is a comprehensive smartphone insurance with its insurance partner FWD Singapore.
“Axinan is an InsurTech firm with a focus on developing insurance products for millennials and hence has built products catering to their lifestyle centred around gadgets, travel, e-commerce – domains not covered by traditional insurers,” said Axinan founder and chief executive officer Wei Zhu at the launch of igloo.
“With igloo, we aim to provide a comprehensive suite of coverage that will be made readily available with the everyday needs of millennials in Southeast Asia in mind.”
The partnership with FWD Singapore will provide affordable lifestyle insurance to the ever-changing consumer market using technology as a key enabler, Wei Zhu added.
Since the igloo launch, 2019 has proved to be a busy year. A rollout was made into Indonesia with partner Sompo Indonesia in June.
A similar product – Mobile 360 – is due to be launched in the Philippines with Mercantile and was announced at the end of September.
In August Axinan and Sompo launched a partnership with Indonesia e-commerce firm Bukalapak. This provides a free return shipping policy for e-commerce businesses built on a real-time risk engine to determine the likelihood of returns based on user demographics and online shopping behaviour.
It is the first Southeast Asian InsurTech company to be issued with a combined general and reinsurance license by Labuan Financial Services Authority, the financial regulator for Labuan International Business and Financial Centre, a statutory regulator under Malaysia’s ministry of finance.
In addition to Singapore, Indonesia, Malaysia and the Philippines, Axinan hopes to enter the Thai and Vietnamese markets in the near future.